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数字金融workshop:Picking Up the PACE: Loans for Residential Climate-Proofing
发布日期：2024-04-16 12:00 来源：
第六讲 Picking Up the PACE: Loans for Residential Climate-Proofing
时间/Time： 4月16日 周二 北京时间上午 09:00-10:30
地点/Venue：Zoom会议（会议号: 897 2560 1400 密码: 938759）
主讲人/Speaker： Cameron LaPoint
主持人/Host： 胡佳胤 Jiayin Hu
Abstract
Residential Property Assessed Clean Energy (PACE) loans are a new class of financial contract whereby homeowners borrow to fund green residential projects and repay the loan via their local property tax payments. We assess equity-efficiency trade-offs of PACE using loan-level data from Florida merged to property transaction, tax, and permitting records. Consistent with the program’s objectives, borrowers are more likely to obtain permits related to disaster-proofing homes, and loan take-up is concentrated in areas with higher ex ante and ex post natural hazard risk. Such investments are capitalized into home values, but expansions of the property tax base are partially offset by an uptick in tax delinquency rates among borrowers. Although PACE loans are super senior to other debt, lenders expand their provision of mortgage credit in PACE-enabled counties. Enabling PACE loans increases the fiscal income of participating local governments while closing the investment gap in projects which improve the climate resiliency of the housing stock.
主讲人介绍/Biography:
Cameron LaPoint’s research explores topics at the intersection of real estate, corporate finance, household finance, and urban economics. His current work studies how tax policy and financial regulation influence investor behavior in real estate markets. Through his work on the links between property tax delinquency and gentrification, he has advised legal teams working on cases related to the constitutionality of local property tax foreclosure procedures. In other papers, Cameron examines how the location decision of firms, and where they choose to invest in response to local tax incentives, matters for local economic development and regional inequality. He earned a bachelor’s degree in economics from the University of Rochester, and a PhD in economics from Columbia University.
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数字金融workshop:Picking Up the PACE: Loans for Residential Climate-Proofing
发布日期：2024-04-16 12:00 来源：
第六讲 Picking Up the PACE: Loans for Residential Climate-Proofing
时间/Time： 4月16日 周二 北京时间上午 09:00-10:30
地点/Venue：Zoom会议（会议号: 897 2560 1400 密码: 938759）
主讲人/Speaker： Cameron LaPoint
主持人/Host： 胡佳胤 Jiayin Hu
Abstract
Residential Property Assessed Clean Energy (PACE) loans are a new class of financial contract whereby homeowners borrow to fund green residential projects and repay the loan via their local property tax payments. We assess equity-efficiency trade-offs of PACE using loan-level data from Florida merged to property transaction, tax, and permitting records. Consistent with the program’s objectives, borrowers are more likely to obtain permits related to disaster-proofing homes, and loan take-up is concentrated in areas with higher ex ante and ex post natural hazard risk. Such investments are capitalized into home values, but expansions of the property tax base are partially offset by an uptick in tax delinquency rates among borrowers. Although PACE loans are super senior to other debt, lenders expand their provision of mortgage credit in PACE-enabled counties. Enabling PACE loans increases the fiscal income of participating local governments while closing the investment gap in projects which improve the climate resiliency of the housing stock.
主讲人介绍/Biography:
Cameron LaPoint’s research explores topics at the intersection of real estate, corporate finance, household finance, and urban economics. His current work studies how tax policy and financial regulation influence investor behavior in real estate markets. Through his work on the links between property tax delinquency and gentrification, he has advised legal teams working on cases related to the constitutionality of local property tax foreclosure procedures. In other papers, Cameron examines how the location decision of firms, and where they choose to invest in response to local tax incentives, matters for local economic development and regional inequality. He earned a bachelor’s degree in economics from the University of Rochester, and a PhD in economics from Columbia University.
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